OLED technology uses thin films of organic materials that emit light when electricity is applied. Key advantages of OLEDs are that they are brighter, thinner, more flexible and energy efficient than LCDs. The first OLED was developed in 1987 by Kodak and since then many companies have developed OLED TVs, phone displays, and laptops due to benefits like high contrast, wide viewing angles and low power. Challenges include higher costs and limited lifespan compared to LCDs.